The first set of results since listing on AIM were announced this morning:

http://moneyam.uk-wire.com/cgi-bin/articles/200611170700302411M.html

Financial Highlights:

- Turnover increased to 136 million, up by 15%

- Underlying profit before tax rose to 6.7 million, up 49% from 4.5 million
before float costs and FRS 17 adjustments

- Basic adjusted earnings per share of 27.1 pence, up 74%

- Recommended final dividend of 5.3pence

- Cash reserves at year end 8.2 million

A huge spread with only 2 market makers does not help matters but a basic eps of 27.1p and outstanding prospects for further organic and acquisitive growth suggests this is way too cheap even at the current 325p offer price.

This is not for trading but one to stash away and watch the profits roll in over the next few years.

Ian

Mono,

Thanks for the information. Let us know if and when you get a reply from GSH.

FWIW we have taken a very small position this morning - it is indeed just the liquidity problems putting a stop to the SP and we are prepared to wait for value to be outed.

Ian

Ian,

Still no reply to my email.

However I notice there were two huge purchases this morning totalling 150,000 shares. Either some stock is being released or there will be the mother of all squeezes at some stage soon.

Not you buying is it ?

Mono

A very interesting announcement this afternoon:

GSH Group PLC
23 November 2006



Board Change: GSH Group plc

GSH Group plc ('GSH') announces that Ian Scarr-Hall has taken the decision to
step down from his role as Non-Executive Group President. This will take effect
on 30 November 2006.

Ian is the grandson of the Group's founder. He joined GSH in 1954 becoming
Chairman and Managing Director in 1982. In June 2004, prior to the flotation,
Ian became Non-Executive Group President.

Speaking of his decision, Ian said: 'It is now over 50 years since I started
working at GSH. I have seen the business grow from a small local firm to where
we are today; an AIM listed international Group employing over 1,500 people. It
is now time for me to retire from the Board and I wish them every success for
the future.'

On behalf of the GSH Board, Group Chairman, Bob Gilbert said: 'Ian's wise
counsel has been extremely helpful to me in my first two years as chairman.
I know the whole Board will join with me in wishing him well in the future.'

This will, almost certainly, result in improved liquidity in the shares resulting from sales by Ian Scarr-Hall.

I think the share price will start to go up to a more realistic level to take into account the sector it operates in and the prospects for growth.

Ian

I got a reply from GSH to my enquiry of 20 November:


Thank you for your enquiry.

One of the main aims of the company listing on the AIM market was to
provide an exit for the family. Other key reasons were to enhance our
commercial relationships, to attract and retain key personnel including
management and to give the Group financial flexibility.

Regards

Jayne Garrett
PA to David Simons, Group Chief Financial Officer

Mono

On a PEG today of 0.162. Definitely one to watch. Ian, thanks for putting this one on the BB.

This has been ticking up nicely over the last two or three weeks.
There is the AGM on the 25th January by when there should be more news on the Scarr-Hall shareholding.
The spread is now 20p so going in the right direction !!!

Ian

I have bought a few more today and look forward to the AGM.

An exceptional bargain methinks !!!!!!!

Mono

Worth noting that this share does not move often but when it does the moves are usually quite significant. The next move should hopefully follow the AGM.
I am in and waiting.
Watching for too long can sometimes mean missing out on a significant rise.

moneye

The agm statement:
http://moneyam.uk-wire.com/cgi-bin/articles/200701250700361060Q.html


'I am very pleased to report that 2005/6 was another record year for the Group
with underlying profit before tax increasing by 49% to 6.7 million. Top line
performance was also good with turnover growing by 15% to 136 million.


It was an excellent year in many respects, with a combination of successful
acquisitive and organic growth. We completed two acquisitions that are now fully
integrated into the business and are already earnings enhancing. Our forward
order book grew from 482 million in 2005 to 532 million at the end of July
2006 and we demonstrated continued growth in all our markets.


In our UK and Eire business, we were delighted to announce new contracts wins
with Vodafone, Xerox, Abbey and My Travel extending our blue chip client base.
Equally pleasing were the significant contract extensions we secured in the year
with Halifax Bank of Scotland and T-Mobile clearly demonstrating our continuing
high standards of service delivery.


Our overseas businesses also grew significantly in the year with both
Continental Europe and USA operations each showing turnover growth of nearly
50%.


As a sign of this confidence, the Board have recommended the payment of an
increased final dividend to our shareholders of 5.3p talking the dividend for
the year to 7.5p, an increase of 15%.


After 52 years' service, Mr Ian Scarr-Hall stepped down from the Group Board in
November 2006. Ian's wise counsel has been extremely helpful to me in my first
two years as Chairman. The whole Board and all those employees who know him wish
him well for the future.


The Group's strategy remains focused on the outsourced facilities management
(FM) market and we will continue to capitalise on the increasing trend towards
outsourcing FM in all our geographic markets, and continue to pursue acquisition
opportunities to enhance our service offering in the UK, USA and Europe


We are particularly well positioned to take advantage of ever-increasing safety
and environmental legislation internationally and with climate change becoming
close to the top of our own and our customers' agendas, our energyplus offering,
and the systems that support it, give us a unique opportunity to pursue a more
rigorous approach to energy management within our market place.


To achieve our ambitious growth targets we need technology capability, strong
supply chain solutions, an environmental framework, customer focus and talented
people. I can say with confidence that GSH demonstrates strength in all these
areas and we have made a strong start to this financial year with a good forward
order book. I therefore look forward to achieving further growth in the coming
year.'

Still a bargain.

Ian

Things are livening up here.

;o)

Ian

Something interesting ................

been trying to buy a relatively large amount all morning without much luck.

Finally been successful in getting 4323 shares at 375p but the trade has still not appeared on the screen although my brokers confirm it has been done.

Mono

super

Your trade was reported late.

In fact it is recorded as a sell because the price had moved up considerably by the time it was recorded.

But you can afford to feel pleased; it closed up 32.5 at 387.5..[380/395].

I think that is a new high and the spread is quite reasonable compared to what it was in the past.

I don't think that many investors have this one on their radar so there may well be opportunities to pick some up cheaply.

Cheers

Ch.

Mono

Good timing yesterday !!!

The late report of the trade is a little MM trick on illiquid stocks whereby they try to make it appear as a sell by declaring a few hours after the event when a share has gone up in the meantime. They hope that one or two people may be panicked into selling after seeing a relatively large sell go through the books !!

The fact is that the MM's are extremely short of stock and could soon be in need of really pushing up the price to attract any sellers.

Just relax and enjoy the ride.

Ian

A largish purchase of 11500 shares at 433p this morning and now we are getting fresh momentum on the SP.

If the share price reaches 498p then the Company will pass the 100 million market cap mark.

The daft thing is that, at this point, the Company will begin to attract new institutional interest from the funds that only buy shares in companies above that threshold.

Ian

Wow !!!!!!!!!!!!!!!!!!!!!

Mono

The interim results are confirmed to be announced on 30th March.

Mono

Thanks for confirming the date.

March could (and should) be quite exciting !!!!

Ian

Hi Ian

I thought I missed the boat on this one, but took the opportunity to buy some yesterday when it suddenly dropped to 395p. I bought just over 3500 shares but cant see it on the trade pages. Any reason why?

Kaysmart,

You are not the only one to have this problem with this share - see post 13 and 14.

Perhaps the MM's don't want things to get out of control !!

The market 'correction' of the last two days has certainly left GSH marked down too harshly - there was negligible volume on Tuesday and Wednesday - so I suspect any rise up to 450 and beyond will be just as sudden as the fall over the last 48 hours.

Ian

Results are due on Friday so these could liven up in the next day or two.

Ian